Category Archives: Big Tech

How to identify, remedy, and prevent anticompetitive behavior by Big Tech companies was the theme of the day-long February 24 conference, Antitrust and 21st Century Bigness: Dealing with Tech Platforms in a Globalized World." Antitrust scholars, practitioners, and regulators from the United States and Europe discussed technology mergers and monopolization, the reach of current competition law, and potential regulatory and legislative changes to address anticompetitive conduct by technology firms.

Morning keynote speaker Doha Mekki, principal deputy assistant attorney general in the antitrust division of the US Department of Justice, Antitrust Division, engaged in a conversation with Walter J. Derenberg Professor of Trade Regulation Emerita Eleanor Fox 68.

I think theres a false tension between the kind of competition that benefits consumers and the kind of competition that benefits workers, Mekki said. Looking back to the legislative history of the Sherman Act itself, Senator Sherman says that we should be concerned about monopoly power because it commands the price of labor without fear of strikes, for in its field it allows no competitors said Mekki. ...And so a recognition that labor can be impacted by the industrial relations of firms, I think shouldnt be radical at this point.

Joseph Stiglitz, University Professor at Columbia University, delivered the closing keynote of the day, arguing that a changing economy necessitates stronger competition regulation. The legal framework that we had at the end of the 19th century and beginning of the 20th century are not adequate to the changes in the structure of our global economy, and in particular to the challenges posed by tech, Stiglitiz said. This is the era of information, he added, and it really does change economics, and it changes antitrust. The idea that information might be imperfect totally changed all of our views about economics. Adam Smiths invisible hand was shown to be wrong.

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Post on May 5, 2023

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Experts weigh the current cost of anticompetitive behavior in Big ... - NYU Law

An OpenAI logo on a smartphone with a Chat GPT logo in the background. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)

As the technology industry races to create tools harnessing generative artificial intelligence, the technology that powers AI chatbots like ChatGPT, Big Tech companies also rushed to K Street to weigh in on potential regulation of the novel technologies.

In the first three months of 2023, 123 companies, universities and trade associations lobbied the federal government on issues relating to artificial intelligence, an OpenSecrets analysis of federal lobbying disclosures found. They collectively spent roughly $94 million lobbying on AI and other issues from January through March 2023, though it is not possible to determine how much went to lobby issues specifically related to AI.

The number of entities lobbying on issues related to AI boomed in recent years, from single digits a decade ago to 30 in 2017 to 158 last year, an OpenSecrets analysis found.

Big Tech companies Amazon, Microsoft, Oracle, Googles parent company Alphabet Inc., IBM and Meta were among those that reported lobbying on AI issues. Silicon Valley giants Alphabet, Meta and Microsoft laid off thousands of employees in recent months to, in part, focus on their in-house AI projects, though teams focused on ethical AI development were among those laid off.

Microsoft announced earlier this year that they were planning to invest $10 billion into ChatGPTs creator, OpenAI, in an effort to integrate OpenAIs technology into their Bing search engine, Azure cloud service and GitHub coding tools, among other uses. Microsoft, which invested in OpenAI in 2019 and in 2021, spent $2.4 million on lobbying according to quarterly reports, including on issues related to AI and facial recognition.

In an effort to keep up with rivals Microsoft and OpenAI, Google recently rolled out its own artificially intelligent chatbot dubbed Bard. The chatbot was released in March despite Google describing it as an early experiment, and a Google employee who tested the tool dubbed Bard a pathological liar, Bloomberg reported. Alphabet Inc. spent $3.4 million in lobbying from January through March this year, including on issues relating to AI principles, generative AI, research and development on AI, machine learning and quantum information science.

Top executives of Alphabet Inc., Microsoft, OpenAI and AI startup Anthropic will meet with Vice President Kamala Harris and other top administrators today to discuss AI related concerns, including misinformation, bias and privacy, Reuters reported.

ChatGPT attracted U.S. legislators attention after becoming the fastest growing consumer application in history just two months after it launched, reaching 100 million monthly users in January. In April, President Joe Biden said that whether AI is dangerous remains to be seen, but it was the companies responsibility to make sure their products were safe.

Meta was among the tech giants that shifted priorities to catch up with generative AI after an underwhelming metaverse initiative two years ago. The social network conglomerate which owns Facebook, Instagram and WhatsApp has laid out plans to integrate AI powered tools such as image generation and artificially intelligent chat across its platforms. Meta spent $4.6 million in lobbying expenses in the first quarter of the year, including for continued conversations on Artificial Intelligence, among other issues such as cybersecurity, election integrity and misinformation policies.

Software giant Oracle spent $3.1 million to lobby on AI and machine learning policy, research and development, among other issues related to defense, the supply chain and workforce. The Texas-based company has become one of the industry frontrunners in the race to catch up with ChatGPT, providing cloud computing for AI startups.

In April, Amazon announced that it will also be joining the generative AI race by making two new AI language models available through Amazon Web Services, the companys cloud platform. The company spent roughly $5 million to lobby Congress in the years first three months on issues including AI and cloud security.

The auto company General Motors, which announced plans to integrate ChatGPT into its vehicles as driver assistants in March, lobbied on issues related to AI, electrification and autonomous vehicles, among other things. Their total spending on lobbying for the first quarter of 2023 was $5.5 million.

The U.S. Chamber of Commerce, the largest lobbying group in the country representing business interests, spent $19 million on lobbying in the years initial quarter. Its lobbying efforts included, but were not limited to, establishing task forces on AI and financial technology in the House Committee on Financial Services, implementing the National Artificial Intelligence Act, drafting automated vehicle bills, and related to other national AI related bills and executive orders as well as relating to international AI policy and the European Unions Artificial Intelligence Act.

Lobbyists for insurance companies Zurich Insurance Group and State Farm Insurance also reported lobbying to further AI discussions this year. State Farm specifically lobbied for Congressional efforts to better understand commercial use of artificial intelligence and its impact on consumers.

Higher educational institutions such as Carnegie Mellon University lobbied to support the Army AI Integration Center and research related to Distributed AI applications for defense, among other issues, according to disclosures. At least ten other universities including Case Western Reserve, Vanderbilt, Harvard and Stanford also spent on lobbying around AI research related issues.

But as tech giants and other groups go all in on AI systems, some industry insiders fear that the technology is scaling up too fast, before it is properly understood and can be controlled.

In late March, over a thousand tech leaders, professors and researchers working in artificial intelligence signed an open letter warning that AI technologies pose profound risks to society and humanity. The letter urged AI labs to pause the development of their most advanced technologies so they can be better understood. The letter was published just two weeks after the San Francisco start-up OpenAI unveiled GPT-4, the latest version of their chatbot ChatGPT.

Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable, the letter by the Future of Life Institute, a nonprofit organization, read. The Future of Life Institute spent $50,000 in the first quarter of 2023 to lobby for provisions and funding that would ensure trustworthy artificial intelligence development. The nonprofit is backed by Elon Musk, who was one of OpenAIs co-founders and previously invested in the company before a fallout with its other founders. Musk has since been working to launch his own AI start-up, X.AI, to take on OpenAI.

The tech ethics group Center for Artificial Intelligence and Digital Policy called on the U.S. Federal Trade Commission to open an investigation into OpenAI and stop it from releasing new ChatGPT models in March before guidelines were established, dubbing GPT-4 biased, deceptive, and a risk to privacy and public safety. The group also urged AI regulations including laws to ensure algorithmic transparency.

Geoffrey Hinton, who pioneered the neural technology that became the foundation for todays AI systems and recently quit his over-a-decade-long job at Google to warn about the risks of the technology he created, said in a New York Times interview that he feared the AI race between tech companies will keep escalating without some sort of regulation.

The disruptive technology can flood the internet with fake imagery and text in the short run, and can later replace human workers, Hinton warned. IBM, which spent $1.5 million to lobby issues related, but not limited to, emerging technologies including blockchain, cloud computing, 5G, AI and facial recognition in the years first quarter, made headlines on Monday for pausing their hiring to replace 7,800 workers with AI in coming years.

Down the road, Hinton fears, AI can slip outside our control and potentially threaten humanity by learning and executing malicious behavior that its creators didnt expect.

I dont think they should scale this up more until they have understood whether they can control it, Hinton told New York Times.

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Big Tech lobbying on AI regulation as industry races to harness ... - Center for Responsive Politics

By Jon Swartz

Sen. Ed Markey's latest attempt at COPPA 2.0 bill would raise the age limit for privacy protections to 16 from 13 and ban ads targeted at children

Amid an escalating bipartisan outcry about the need to protect kids' safety online, punctuated by President Joe Biden's State of the Union address, a sequel to one of the last major pieces of tech legislation was reintroduced in the Senate on Wednesday.

Sen. Ed Markey's Children and Teens' Only Privacy and Protection Act, or COPPA 2.0, is long-gestating legislation that updates his 1998 COPPA law. It raises the age limit for privacy protections to 16 from 13, bans targeted ads aimed at children and introduces a first-of-its-kind "digital marketing bill of rights for minors."

"Big Tech is knowingly fueling a mental-health crisis in this country by exploiting kids and teens just so they can make an extra buck," Markey, a Massachusetts Democrat who has spent more than a decade trying to pass updates to the law, said in a statement. "Congress must pass COPPA 2.0 to put immediate safeguards in place that prevent Big Tech from tracking, traumatizing and targeting young people every second, every minute and every hour of the day."

Reports of child exploitation online soared at Alphabet Inc.'s (GOOGL)(GOOGL) Google, Meta Platforms Inc.'s (META) Instagram, and other social media firms over the last year, according to a report from the National Center for Missing and Exploited Children on Tuesday. The U.S. child safety agency was inundated with more than 32 million reports last year, about 2.7 million more than in 2021.

The original COPPA, which was last revised by the Federal Trade Commission in 2013, is one of the few federal privacy laws in the U.S. and one enforced by the FTC. In December, the agency levied a $275 million fine against "Fortnite" creator Epic Games Inc. for violating COPPA. Alphabet Inc.'s (GOOGL)(GOOGL) YouTube was hit with a similar fine in 2019.

In-depth: U.S. laws protecting kids online languish behind Europe

Attempts by Markey to update the 1998 law have sputtered for years, as has nearly every piece of tech regulation, including some recent highly touted bills to rein in Big Tech's powers. But there is growing support across the political spectrum to create comprehensive guardrails to protect young people online amid toxic social-media platforms, a national mental-health crisis and a jump in teen suicides over the past decade.

Congress has held a succession of hearings in recent years in which they berated Big Tech executives from Meta Platforms Inc. (META), Snap Inc. (SNAP), Twitter Inc. and, most recently, TikTok. In all that time, though, they have failed to pass meaningful legislation putting guardrails on social-media companies, which Biden pushed for earlier this year.

Opinion: Instead of banning TikTok, Congress should do its actual job

'We must finally hold social-media companies accountable for the experiment they are running on our children for profit," Biden said during his State of the Union speech in February "And it's time to pass bipartisan legislation to stop Big Tech from collecting personal data on kids and teenagers online, ban targeted advertising to children and impose stricter limits on the personal data these companies collect on all of us."

With Biden raising kids' safety online to an "A-1 issue," as one Markey staffer put it, the senator is more optimistic that COPPA 2.0 will make its way through the Democratic-controlled Senate. A vote on the bill could come this summer, though its fate may be more precarious in a deeply divided House.

Still, there is momentum on the issue, along with several stabs at bipartisan legislation. On Tuesday, Sens. Richard Blumenthal, a Connecticut Democrat, and Marsha Blackburn, a Tennessee Republican, introduced the Kids Online Safety Act, comprehensive bipartisan legislation to protect children online and hold Big Tech accountable.

That bill, which shares some of the same goals as Markey's bill, could be paired in a joint piece of legislation with COPPA 2.0, according to a member of Markey's staff.

"For kids, the pressure to engage with social media in order to have a social life far outweighs their privacy concerns," Marco Belin, CEO of kids search engine Seekado, said in an email message. "With the inclusion of AI into many social media platforms, protecting individual privacy will become increasingly important and harder to achieve."

-Jon Swartz

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-06-23 1309ET

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'Big Tech is knowingly fueling a mental-health crisis in this country ... - Morningstar

Ernst & Young has a tech growth problem the size of Silicon Valley, and the firms failure to spin off its consulting business has eliminated what it envisioned as a way out.

Like all accounting firms, it is barred from forming lucrative consulting partnerships with its audit clients, but the restriction is especially onerous for EY, with its audit roster of tech heavyweights like Amazon, Alphabet, and Salesforce. Its inability to team up with such companies to build and sell tech solutions hamstrings its consulting practice, forcing it to leave millions of dollars on the table for in-demand services crucial to todays corporations.

EYs leaders had sought to split up the firm so its $19.7 billion consulting and strategy practices could pursue such partnerships, freeing those businesses from rules intended to ensure that auditors provide unvarnished views of their clients financial health. The collapse of the ambitious plan puts EY back where it started: Its restricted from promoting or jointly selling services offered by audit clients.

It really makes it impossible to enter into any kind of partnership or joint marketing, joint-service-provision type of an arrangement when youre auditing that company, Cathy Allen, who runs the ethics compliance firm Audit Conduct, said of US conflict-of-interest rules.

Those conflicts and restrictions will remain as the firm confronts its future with audit, tax and consulting tethered together.

EY didnt respond to requests for comment for this article.

EY leaders, however, have said that they still want to restructure at some point, committing to their argument that the practices would be stronger apart.

This was a way to disrupt our industry, Carmine Di Sibio, the firms global chairman, said about the firms restructuring in remarks to a Milken Institute event Monday. Its on pause, its really on pause for a while, but its something that well continue to look at over the next couple years.

In some ways EY is a victim of its own success. Its buildup of software and tech clientele over the years means its potential for conflicts of interest is bigger than for the other Big Four firms, said Doug Carmichael, former chief auditor of the Public Company Accounting Oversight Board and an accounting professor at Baruch College.

PwC, also known as PriceWaterhouseCoopers, KPMG and Deloitte are the other Big Four firms.

EY has acknowledged the restrictions under which its working.

The firm audits nine of the 10 biggest tech companies, DiSibio told CNBC in January while discussing the firms plans to carve out its consulting arm and much of its tax practice into a unit known provisionally as Newco.

Theyre also the companies we could have alliances with going forward on the Newco side, he said. So thats been an inhibitor in terms of our growth in consulting.

In addition to Amazon, Alphabet and Salesforce, EYs audit clients include Intuit, HP, Workday and Apple. It also audits small, nascent technology companies and has served as auditor to eight tech IPOs since 2018, according to PitchBook data.

EYs technology and digital transformation work contributed to a 25% spike in revenue for its global consulting practice last year. Tech consulting is among the most heavily promoted consulting services offered by the Big Four, and such work is much more profitable than auditing, said Elizabeth Cowle, assistant professor of accounting at Colorado State University.

Alphabet last year paid EY $41 million for auditing and related services, she noted.

If youre making $41 million off the audit, she said, how much could you be making off consulting?

Longstanding US securities rules prohibit accounting firms from entering into certain business relationships with their audit clients if they were to share whats known as a mutual interest. That means that profit sharing, jointly developing products or even advocating for a clients work is out of bounds.

Firms have learned the hard way to steer clear of arrangements that could threaten their independence from audit clients.

The Securities and Exchange Commission suspended EY in 2004 from accepting new public-company audit clients for six months over auditor-independence issues that dated back to the 1990s. EY had audited the software firm PeopleSoft at the same time the firms consulting arm profited from recommending PeopleSoft software to customers.

More recently, Marcum LLP, a top-15 US accounting firm, paid $525,000 in penalties and other sanctions in 2019 for promoting audit clients as good investment opportunities at conferences the firm hosted.

Although big partnerships with audit clients are off limits, firms may be able to help consulting clients adopt mainstream software or cloud platformsroutine implementation work considered a core consulting serviceeven if those platforms and apps are run by audit clients.

But accounting firms have to be careful how they market those services to avoid violating the independence rules, Allen said, referring to Securities and Exchange Commission regulations. Its a very tricky area to navigate.

Consultants, for example, cant tell a client to use a specific application or tool if it happens to be one provided by an audit client, but they could offer a menu of options which includes products of its audit clients, Carmichael said.

Sorting through those gray areas with regulators and audit committees takes time, however. Clients may be unwilling to wait to clear any possible conflicts and may choose instead a competitor who can start right away on the project.

Even there, EY could run into problems. Many major tech companies, including Netflix, Airbnb, and Pinterest, say Amazon Web Services is critical to running their businessand EY is Amazons auditor. Depending on the circumstances, that alone could be enough to preclude EY from pitching work to those companies, industry observers say.

The rules arent always very clear about this, said Fiona Czerniawska, CEO of Source Global Research, which tracks the professional-services industry.

EYs leaders contended that separating auditing from consulting would have better enabled EYs consulting operations to compete with consulting companies like Accenture, McKinsey, and Alvarez & Marsal that dont have to vet potential clients for audit conflicts.

They dont have to worry about calling us and us telling them, We cant serve you here because we have an audit conflict, Paul Aversano, managing director at Alvarez & Marsal and a former EY partner, said of advisory clients. They know when they call us, were largely going to be able to serve them.

Still, accounting firms, including their consulting arms, benefit from the stable revenue audits deliver, especially for decades-long client relationships. Sri Ramamoorti, an associate professor at the University of Dayton, compared that steady stream of revenue to a perpetual annuity.

And that stability obviously is very good in business, Ramamoorti said.

A split might resolve concerns about keeping auditors independent. But it would also deprive them of the market knowledge and technical skills that their consulting colleagues provide them under the current setup, in areas from cybersecurity to valuations to automation.

Theres no perfect solution here, Czerniawska said.

The future of auditing and consulting is going to be about technology, she said. Is there going to be an audit in the way we know it in 20 years time?

Excerpt from:

EY's Abandoned Split Exposes Obstacles to Big Tech Consulting - Bloomberg Tax

As companies like Alphabet, Meta, and Amazon slash tens of thousands of jobs, Apple stands alone as a major U.S. tech company that has avoided mass layoffs. Nor is it planning to follow its Big Tech peers by slashing jobs, with Apple CEO Tim Cook calling them a last resort in a television interview Thursday.

More from Fortune: 5 side hustles where you may earn over $20,000 per yearall while working from home Looking to make extra cash? This CD has a 5.15% APY right now Buying a house? Here's how much to save This is how much money you need to earn annually to comfortably buy a $600,000 home

Cook told CNBC that mass layoffs is not something that were talking about at this moment, though he did not rule out the possibility entirely.

Apple did not hire as many employees during the pandemic-era tech boom, which means less pressure to cut labor costs as the bubble deflates. Apples workforce grew by around 19.7% between 2020 and 2022, according to CNBC calculations.

By comparison, Meta increased its workforce by 60% in just 2020 and 2021. Since last November, the social media company has announced layoffs totaling 21,000 jobs.

Still, economic headwinds are affecting Apples plans, with Cook telling CNBC that it was hiring at a lower clip level than we were before.

Nor has Apple entirely avoided cutting some jobs, trimming a small number of employees in its corporate retail division in early April, per Bloomberg. The company also reportedly delayed bonuses.

Yet the company has not matched the tens of thousands of jobs slashed by Alphabet, Microsoft, Meta, and Amazon. Over 189,000 jobs have been cut in the tech sector so far this year, according to tracker layoffs.fyialready more than the entirety of 2022.

Apple reported $94.8 billion in quarterly revenue on Thursday. While the result was the companys second straight quarter of falling sales, the decline was smaller than analysts expected. Apple shares rose 2.5% in after-hours trading following the earnings release.

Story continues

Apples revenue was buoyed by iPhone sales, which grew 1.5% year on year. Demand for the companys other products sank, with iPad and Mac revenue falling 13% and 31% year on year respectively.

Cook called the results a good quarter from an iPhone point of view on CNBC, given a slump in the overall smartphone market. Consumers are buying fewer smartphones, PCs, and other consumer electronics, hurting both device manufacturers and chipmakers.

Qualcomm, which supplies chips to Apple and other smartphone makers, reported a 17% year-on-year drop in quarterly revenue on Wednesday, with CEO Cristiano Amon saying the company had yet to see a recovery in demand.

During Apples earnings call, Cook pointed to India as a future driver of iPhone sales. What I do see in India is a lot of people entering the middle class, Cook said, expressing hope that Apple can convince some number of them to buy an iPhone. The company opened its first retail stores in India in April.

This story was originally featured on Fortune.com

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Apple CEO Tim Cook calls mass layoffs a last resort, as the company avoids the giant job cuts of its Big Tech peers - Yahoo Finance

Image source: Getty Images

Big Tech stocks are having an amazing run this year. Year to date, the four biggest US tech companies have all produced double-digit returns. By contrast, the FTSE 100 has only risen about 4%, which shows the benefits of diversifying a portfolio geographically.

Is it too late to jump aboard the Big Tech train now? I dont think so. However, I believe investors need to be a little selective after the recent gains. With that in mind, here are the Big Tech stocks I see as the best buys today.

My top pick right now is Alphabet (NASDAQ: GOOG), the owner of Google and YouTube.

One reason Im bullish here is the stock is still well off its highs. As a result, it has a relatively low valuation.

Currently, the companys forward-looking price-to-earnings (P/E) ratio is 19.8. Thats much lower than the P/E ratios of the other three companies. And I see the multiple as very reasonable, given the companys strong brands and long-term growth potential.

Looking ahead, one thing that could help drive growth for Alphabet is the roll out of new artificial intelligence (AI) features across its search platform. These should enhance user experience and lead to higher revenues in the long run.

Another growth driver is cloud computing. Alphabet is currently the third largest global provider, and this side of the business is growing rapidly. In Q1 for example, revenues rose 28% year on year.

Looking beyond the growth, I like the fact the company is buying back its own shares (it announced a $70bn buyback last month) and cutting costs. These initiatives should help boost earnings per share over time.

As for the risks, the big one here is competition from Microsoft. Its search platform, Bing, is gaining market share, thanks to new AI features. This is something to keep an eye on.

I think the overall risk/reward setup here is favourable however.

The other Big Tech stock Id buy is Amazon (NASDAQ: AMZN), a major player in both e-commerce and cloud computing.

Right now, Amazon stock is more than 40% off its all-time highs. And I see this is an opportunity.

Yes, its still expensive. However, this stock has always been expensive. In the past, it has often had a three-digit P/E ratio.

Ignoring the stock because of its sky-high valuation would have backfired though. If I had invested in Amazon a decade ago, I would have made roughly eight times my money by now, even after the recent 40%+ share price fall.

Like Alphabet, Amazon looks set to generate growth in the years ahead from cloud computing. Growth from this division has slowed recently. However, I suspect this is a temporary slowdown due to weak economic conditions. I expect it to re-accelerate in the near future.

Another area of growth for Amazon is digital advertising. For Q1, sales growth here was 23%. Thats impressive in the current environment.

Of course, the high valuation does add risk. If results fall short of the markets expectations, the stock will fall.

Taking a long-term view however, I think buying now is likely to pay off.

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Big Tech stocks are flying! Which ones are the best buys today? - Motley Fool UK

There is a widening rift between some Indian start-ups and the industry body Internet and Mobile Association of India (IAMAI). Prominent founders of some of the countrys new age businesses have accused the IAMAI of promoting the views of big tech companies such as Google and Meta and have called into question its organisational structure, which is led by representatives of such tech companies.

The tussle signals towards a growing divide between Indian start-ups and the Big Tech, with the former increasingly framing the debate as a foreign versus local issue, irked by policies that they say are often imposed on them by the bigger companies.

The latest stand-off came after the IAMAI criticised the recommendations of the Parliamentary Standing Committee on Finance to introduce a new law for tackling Big Tech firms anti-competitive practices. IAMAI is concerned that the recommendations in the Report (of the Parliamentary Standing Committee on Finance) are neither targeted nor proportionate, the industry body said in its submission, saying these would stifle innovation as well.

To curb anti-competitive practices in digital markets, last December, the panel proposed measures like having ex-ante regulations, which are meant to protect consumers by requiring companies to follow certain standards of behaviour, as opposed to post-ante regulations that can only punish an entiry after it has breached a law.

There were also recommendations for designating Big Tech entitites as systemically important digital intermediaries and then subjecting them to certain ex-ante provisions, and the suggestion for a new digital competition law. Further, it asked digital market entities to desist from anti-steering, deep discounting, self preferencing, search & ranking preferencing and other promotional practices that lead to consumers going for these companies in the market, impacting competition.

Unimpressed by the recommendations, the AMAI said, Lack of a well-articulated policy objective, (and) failure to adopt an evidence-based approach to identify the need for the regulation, have led to ambiguous, broad recommendations (in the report), which will stifle innovation, competition and the benefit that accrues to markets and users.

IAMAIs submission was similar to the comments submitted by the Asia Internet Coalition (AIC), an industry association which also counts big tech companies like Meta, Apple, Amazon, Twitter, and Google among its members.

IAMAIs submission drew sharp criticism from some prominent Indian start-up founders, who accused the industry grouping of furthering views of big tech companies.

Its distressing to know that IAMAI is parroting and promoting views that are anti-Indian and pro-foreign Big Tech, said Rohan Verma, CEO, MapMyIndia. I hope everyone realises that the chair and vice chair of IAMAI are from the foreign Big Tech. Sad to see an organisation originally founded by and for Indian companies, taken over & now promoting a false narrative.

Verma, who is building a competing product for Google Maps, was referring to IAMAIs executive councilm which is currently chaired by Sanjay Gupta, country head and vice president of Google, and Shivnath Thukral, public policy director for India at WhatsApp, who is vice-chairman.

Founder of Shaadi.com and judge and one of the investors in Shark Tank India, Anupam Mittal, also weighed in on the issue. Start-ups are strongly in favour of a strong anti-monopoly Digital Act. In fact, IAMAI is a failing lobby for BigTech propaganda and misinformation, Mittal said in a tweet.

This is not the first time that start-ups have criticised IAMAI for its views on key policy issues. Earlier this year, a number of online gaming companies, that are also members of IAMAI, had written to Ministry of Electronics and IT (MeitY) opposing the industry bodys submission on draft online gaming rules that the scoping of the rules was done poorly and the some aspects needed a major re-look.

First published on: 02-05-2023 at 13:04 IST

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Why Indian start-ups have accused the Internet and Mobile Association of India of spreading Big Tech propaganda - The Indian Express

Written by ERIK MAGRAKEN on May 5, 2023. Posted in BC Civil Resolution Tribunal, Intimate Image Protection Claims, Intimate Images Protection Act.

Ive written previously about BCs new Intimate Images Protection Act. In short this new law allows people to get quick binding orders for the removal of nude or sexualized content they dont want on the internet. Even if they previously consented to sharing the content they can RETROACTIVELY revoke consent. Big change.

This week BCs Attorney General wrote a letter to major tech and social medial companies telling them to be ready.

In the letter it is suggested the Act will go live in a matter of months as soon as regulations are finalized. From there we can assist anyone who wants to have unwanted intimate content removed from the internet. In fact once the law is live it is retroactive to when it was first introduced so people can send demand letters for the removal of content under the legislation right now. If demand letters are not complied with damages could follow.

If an intimate image is ordered removed and anyone (hint big tech) continues to distribute the image they are liable for a statutory tort and can be on the hook for damages. These include compensatory damages and potentially aggravated and even punitive damages.

Ive obtained a copy of the Attorney Generals letter. Below it is published in full. Big tech has now been warned. They will have no excuse not to be ready to have responsible policies in place to swiftly remove ordered images within their control

Intimate Images, nude images, semi nude images, sexualized content

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Intimate Images Protection Update Big Tech Warned To Be Ready ... - BC INJURY LAW

Big Tech is almost single-handedly responsible for the markets rally this year. Yet the band of winners is so narrow plenty of tech plays have also been left in the dust.

We can question how far those rallies can go, but its clear that Big Tech is benefiting from relative immunity to the banking worries that have shaken investors lately. Investors have also appreciated tech companies beating lowered earnings expectations.

Big rallies like those enjoyed by companies like Microsoft post-results stand out at a time when, on average, companies reporting top- and bottom-line beats are outperforming the market by just 0.1% this quarter, well below the 1.7% average historical outperformance, according to Credit Suisse.

Unfortunately, unlike a rising tide lifting all boats, Big Techs surge has largely been self-contained. Using Cathie Woods ARK Innovation exchange-traded fund (ARKK) as a proxy for the more-speculative basket of tech stocks, DataTrek co-founder Jessica Rabe notes that it continues to underperform the Nasdaqs dot-com bubble meltdown during the early 2000s.

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As Rabe writes, today makes 558 days since ARKKs all-time high in February 2021, and since then the fund has slumped 78%, roughly mirroring the Nasdaq Composite indexs peak-to-trough tumble just over two decades ago: In the 2000-2002 time frame, the index tumbled 69% from its March 2000 high water mark.

However painful that decline, it didnt mark the end. After day 558 of the Nasdaqs dot-com implosion, it still fell another 29%. In the end, it would be nearly two and a half years before the Nasdaq found a bottom, in October 2002.

Likewise, Rabe highlights that ARKKs early year-to-date gains have been largely erased, hinting that more pain could come. The ETF raced ahead of the broader market in January, but is down 22% since early February; that temporary reprieve is attributable to the January Effect as tax-loss selling abated after many of its holdings got crushed in 2022, she writes.

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Therefore, she notes that even though ARKK has already suffered the same decline as the Nasdaq did during its 2000-2002 bear market, if it also ultimately matches its time frame, the fund could keep struggling through early September, given the dot-com busts long, slow deflation. In addition, ARKKs highly concentrated portfoliowith just 28 holdingsmeans its dependent on more-speculative tech names to replicate the success in Big Tech; that stands in contrast to the Nasdaqs diversified set of components.

If nothing else, the Nasdaqs experience shows ARKK needs a catalyst to find a bottom, such as more certainty about the macroeconomic environment, Rabe concludes, particularly as the market has gravitated more toward less risky tech bets. Whether or not Block (SQ) and Teladoc Health (TDOC)two of ARKKs top-10 holdingssucceed over the next decade is a much-more-difficult call than Microsoft or Apple in the early 2000s.

Write to Teresa Rivas at teresa.rivas@barrons.com

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Apple Stock and Big Tech Are Winners. Why Cathie Wood's ARK Is Still a Loser. - Barron's

White officials will sit down with CEOs from several tech companies.AP Photo/Susan Walsh

White House officials will discuss AI development with CEOs from Microsoft and OpenAI, among others.

The meeting comes amid growing concerns around advanced AI safety.

The administration announced several plans to tackle the potential implications of the tech.

White House officials, including Vice President Kamala Harris, are set to meet Big Tech CEOs at the White House as concerns grow over AI safety.

The officials will meet with leaders at the forefront of advanced AI development, including the chief executives of Alphabet, Anthropic, Microsoft, and OpenAI, per a White House fact sheet.

The invitation to the CEOs, which was viewed by Reuters, noted President Joe Biden's expectation that such companies "must make sure their products are safe before making them available to the public."

The meeting is part of a broader attempt by the administration to address issues around advanced AI. Public scrutiny of the technology has grown since OpenAI's viral ChatGPT appeared to spark the release of several other AI products.

Several countries are looking to introduce new regulations for the powerful technology. The European Union, for example, is pushing ahead with a proposed AI Act the first law on AIby a major regulator.

The fact sheet, which was released on Thursday, announced several plans to tackle the potential implications of the tech. The announcements included independent public assessments of existing generative AI systems and $140 million in funding to launch new AI research institutes.

The administration said AI developers, including Anthropic, Google, Hugging Face, Microsoft, NVIDIA, OpenAI, and Stability AI, had committed to participate in a public evaluation of AI systems at the AI Village at DEF CON 31.

The fact sheet noted President Biden had "been clear that when it comes to AI" that people and communities must be at the center of innovation and society must be protected.

The administration also said it was actively working to address national security concerns raised by AI, especially in critical areas like cybersecurity, biosecurity, and safety.

Read the original article on Business Insider

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White House officials will meet Big Tech CEOs as President Biden looks to tackle AI safety concerns - Yahoo Canada Finance